Pitch Based Carbon Fiber Market Size was valued at USD 0.85 Billion in 2023. The Pitch Based Carbon Fiber market industry is projected to grow from USD 0.91 Billion in 2024 to USD 1.42 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.62% during the forecast period (2024 - 2032). Increasing demand for carbon fibers in the aerospace & defense industry and the growth of the wind energy sector are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising demand in the aerospace industry drives the market CAGR for pitch-based carbon fiber. These fibers exhibit excellent tensile strength, high modulus, and outstanding thermal stability, making them ideal for aerospace applications. Carbon fiber-reinforced composites, incorporating pitch-based carbon fibers, offer enhanced structural integrity while reducing weight, contributing to fuel efficiency and increased payload capacity. Moreover, the aerospace sector's continuous focus on improving safety standards has further boosted the demand for pitch-based carbon fibers. These fibers' exceptional impact resistance and fatigue properties make them suitable for critical aerospace components, such as aircraft wings, fuselage structures, and engine parts. As a result, the pitch-based carbon fiber market is witnessing growth due to the spreading aerospace industry.
There has been a notable shift towards sustainable and eco-friendly materials across industries in recent years. Carbon fibers, including pitch-based carbon fibers, have gained attention due to their potential for reducing environmental impact. Unlike traditional materials like steel or aluminum, carbon fiber-reinforced composites offer improved fuel efficiency and reduced greenhouse gas emissions in transportation sectors. Pitch-based carbon fibers hold an advantage in sustainability due to their raw material source. Pitch, derived from petroleum or coal tar, provides an abundant and cost-effective feedstock. Furthermore, pitch-based carbon fibers in lightweight applications contribute to energy conservation and lower carbon emissions during the product's lifecycle. The market's inclination towards sustainability has also prompted research and development efforts in the recycling and reuse of carbon fiber-reinforced composites. The development of effective recycling technologies will reduce waste and drive the adoption of pitch-based carbon fibers, as they can be recycled and incorporated into new products.
The pitch-based carbon fiber market has witnessed significant advancements in manufacturing technologies, contributing to improved product quality, enhanced production efficiency, and cost reduction. Traditionally, the production of pitch-based carbon fibers involves complex and time-consuming processes. However, recent developments have enabled the adoption of innovative manufacturing techniques, leading to increased production volumes and reduced manufacturing costs. One such advancement is the utilization of continuous pitch-based carbon fiber production methods, allowing for the production of longer fibers with consistent quality. Constant production lines have helped overcome the limitations associated with batch production, enabling manufacturers to cater to the growing demand from various industries.
The pitch-based carbon fiber market is experiencing significant growth driven by the aerospace industry's demand, advancements in manufacturing technologies, and the increasing focus on sustainability. As enterprises seek lightweight and high-strength materials, pitch-based carbon fibers provide a compelling solution with exceptional mechanical properties and thermal stability. With ongoing research and development efforts to enhance manufacturing techniques and promote recycling, the pitch-based carbon fiber market is expected to witness continued expansion, driving the Pitch Based Carbon Fiber market revenue.
The Pitch Based Carbon Fiber market segmentation, based on type, includes composites and non-composites. The composites segment dominated the market. They offer high strength-to-weight ratios, excellent stiffness, and superior corrosion resistance. Composites find applications in manufacturing components such as aircraft wings, automotive body panels, sporting goods, and turbine blades. The demand for carbon fiber composites is expected to grow steadily in the coming years, driven by the increasing need for lightweight and high-performance materials in various industries.
The Pitch Based Carbon Fiber market segmentation, based on application, includes aerospace & defense, automotive, construction, wind energy, sports & leisure, and others. The aerospace & defense category generated the most income due to their exceptional mechanical properties. Carbon fibers are extensively used in aircraft components, missiles, unmanned aerial vehicles, and military equipment. The increasing demand for fuel-efficient aircraft and the need for lightweight, high-strength materials in defense applications drive this segment's growth of carbon fibers.
Figure 1: Pitch-Based Carbon Fiber Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Pitch Based Carbon Fiber market area will dominate this market due to the strong presence of major players and advanced manufacturing capabilities. The increasing demand for fuel-efficient and lightweight aircraft has propelled the use of carbon fiber composites in aircraft manufacturing. Moreover, the region's focus on renewable energy sources has led to using carbon fiber in wind turbine blades. The presence of stringent regulations on emissions and the growing emphasis on sustainability further drive the market growth in this region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: PITCH BASED CARBON FIBER MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe Pitch Based Carbon Fiber market accounts for the second-largest market share due to the strong automotive industry, which has been a key driver for adopting carbon fiber composites. Additionally, the region has witnessed a surge in wind energy installations, leading to the increased usage of carbon fiber in wind turbine components. Furthermore, the European Union's focus on reducing carbon emissions and promoting sustainable solutions has further accelerated the market growth in this region. Additionally, the German Pitch Based Carbon Fiber market had the largest market share, and the UK Pitch Based Carbon Fiber market was the fastest growing market in the European region.
The Asia-Pacific Pitch Based Carbon Fiber Market is expected to grow significantly from 2023 to 2032. The region has witnessed rapid industrialization and urbanization, driving the demand for lightweight and high-strength materials. The rising middle-class population and increasing disposable income have led to an upsurge in demand for luxury and high-performance vehicles, thereby fueling the growth of the carbon fiber market. However, the market in this region is also majorly competitive due to the presence of several local manufacturers. Moreover, China’s Pitch Based Carbon Fiber market held the largest market share, and the Indian Pitch Based Carbon Fiber market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the Pitch-Based Carbon Fiber market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Pitch Based Carbon Fiber industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Pitch Based Carbon Fiber industry to benefit clients and increase the market sector. In recent years, the Pitch Based Carbon Fiber industry has offered some of the most significant medical advantages. Major players in the Pitch Based Carbon Fiber market, including Hexcel Corporation (US), Hyosung Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc. (US), DowAksa (Georgia), OJSC «SvetlogorskKhimvolokno» (Belarus), Nippon Graphite Fiber Co., Ltd (Japan), Kureha Corporation (Japan), SGL Carbon (Germany), Toray Industries Inc. (Japan), and others, are attempting to increase market demand by investing in research and development operations.
Nick L. Stanage's Hexcel Corporation, founded in 1948 in Stamford, Connecticut, United States, is an American materials company that develops and manufactures structural materials. It sells the products in commercial, military, and recreational markets for use in aircraft, space launch vehicles, sports equipment, and automotive products. In May 2021, Hexcel Corporation built a flagship Center of Excellence for Research & Technology to support next-generation developments in advanced composites technologies in Utah. This new R&T center is the company's center for innovation and development in North America and a showcase for the company's new composites technology, providing space for future growth in the years ahead.
Hyun-Joon Cho, Hyosung Advanced Materials Corporation, founded in 1966, is located in Seoul, South Korea. The South Korean company operates in chemical, industrial machinery, IT, trade, and construction. It has been known for its technologies, which involve hydrogen vehicles, such as carbon fiber, for the fuel tank. In May 2021, Hyosung Advanced Materials announced the expansion of its Jeonju carbon fiber plant to 6,500 tons. The addition of production facilities is aimed at responding to the increasing demand for carbon fibers used in fuel tanks of hydrogen cars that are emerging as eco-friendly cars of the future and high-pressure containers for compressed natural gas.
April 2021: Mitsubishi Chemical Corporation integrated subsidiaries at the national level in the US, the UK, and Germany. By sharing and combining expertise and resources, this integration will enhance cooperation and strengthen overall business capabilities in these three countries. The company will also attempt to improve customer responsiveness based on these countries and provide solutions to each country.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.85 Billion |
| Market Size 2024 | USD 0.91 Billion |
| Market Size 2032 | USD 1.42 Billion |
| Compound Annual Growth Rate (CAGR) | 6.62% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Hexcel Corporation (US), Hyosung Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc. (US), DowAksa (Georgia), OJSC «SvetlogorskKhimvolokno» (Belarus), Nippon Graphite Fiber Co., Ltd (Japan), Kureha Corporation (Japan), SGL Carbon (Germany), Toray Industries Inc. (Japan). |
| Key Market Opportunities | The increasing use of carbon fibers in the automotive and construction industry. |
| Key Market Dynamics | Growth in the wind energy sector. The increase in demand for carbon fibers in the aerospace & defense industry. |
Pitch Based Carbon Fiber Market Highlights:
Frequently Asked Questions (FAQ) :
The Pitch Based Carbon Fiber market size was valued at USD 0.85 Billion in 2023.
The Pitch Based Carbon Fiber market is projected to grow at a CAGR of 6.62% during the forecast period, 2024-2032.
North America had the largest share of the Pitch Based Carbon Fiber market.
The key players in the Pitch Based Carbon Fiber market are Hexcel Corporation (US), Hyosung Corporation (South Korea), Mitsubishi Chemical Corporation (Japan), Teijin Limited (Japan), Cytec Industries, Inc. (US), DowAksa (Georgia), OJSC «SvetlogorskKhimvolokno» (Belarus), Nippon Graphite Fiber Co., Ltd (Japan), Kureha Corporation (Japan), SGL Carbon (Germany), Toray Industries Inc. (Japan).
The composites category dominated the Pitch Based Carbon Fiber market in 2023.
Aerospace & defense had the largest share of the Pitch Based Carbon Fiber market.
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